Jubilee posts record Sh6b profit as gross premiums jump 34pc

Jubilee Holdings Deputy Group CEO Juan Cazcarra (left) Jubilee Holdings Group Chairman Zul Abdul (centre) and Jubilee Holdings Group CEO Dr Julius Kipng'etich during the release of the 2024 financial results. [Courtesy] Jubilee Holdings Ltd (JHL) has announced a record Sh6.2 billion profit before tax, the first time that the insurance firm has crossed the Sh6 billion mark. The company's profit after tax was Sh4.72 billion for the period, an 82 per cent growth on the Sh2.6 billion reported in 2023. JHL Group Chairman Zul Abdul said the performance underscores the company's sustained growth, strategic resilience, and market leadership in the insurance sector. "JHL's strong performance is a testament to our resilience, strategic focus, and commitment to delivering sustainable value for our shareholders," he said in a statement. "We remain confident in our growth trajectory and our ability to seize new opportunities while strengthening our market leadership." Gross written premiums grew by 34 per cent to Sh53 billion, up from Sh39.6 billion in the 2023 financial year. Total assets grew by 12 per cent - from Sh190.5 billion to Sh213.6 billion, reinforcing the Group's financial strength and strategic growth trajectory. JHL said the growth reflected strong performance across all business units and underscored trust that customers continue to place in the Jubilee brand. Health business The board has recommended a record dividend payout of Sh978 million, translating to Sh13.5 per ordinary share. JHL said the health business further solidified market leadership, reinforcing its position as East Africa's leading insurer. And as part of its commitment to driving universal health coverage, the company introduced affordable insurance plans, along with an innovative payment option, Lipa Pole Pole, enabling individuals to pay premiums in flexible instalments, enhancing access to quality healthcare. The life business regained the second position across the region, driven by a 56 per cent growth in Kenya and 58 per cent growth in Tanzania while the asset management business, recently launched in Kenya, has accumulated Sh12 billion of assets under management and over 6,000 customers attributed to superior offerings, competitive returns and customer experience. JHL Group Chief Executive Officer Dr Julius Kipng'etich said the company's purpose goes beyond business. "We recognise that our business goes far beyond insurance - we are catalysts for progress, driving meaningful change across society. Through strategic initiatives, we are improving lives and safeguarding the planet, ensuring a sustainable and inclusive future for generations to come," he said. Through the Jubilee Children's Fund, JHL said it has been creating a lasting impact by advancing access to education and healthcare. The Fund provides full secondary education scholarships, eye screenings, and treatments to address vision-related issues among schoolchildren. This is in addition to supporting the provision of prosthetic arms and limbs, as well as free corrective ear surgeries and treatments, empowering children to lead healthier, more fulfilling lives. Through a recent partnership with Cure AIC Children's Hospital Kenya, JHL increased its impact in providing prosthetic arms and limbs, helping more children regain mobility and independence. To date, over 1,000 children have been positively impacted by these initiatives. In January 2025, JHL relocated to a new, modern office complex within the Upper Hill financial district, a move that not only enhanced operational efficiency but also contributed to the environmental ESG targets, as the building is carbon neutral. JHL Group Deputy CEO Juan Cazcarra pointed out the significant strides the company has made in its digital transformation, enhancing efficiency, customer experience, and operational excellence. "Our digital journey is unlocking new possibilities, allowing us to be more agile, innovative, and customer-centric than ever before. While we have made great progress, this is just the beginning. We will continue to push boundaries, leveraging technology to deliver tailored insurance solutions that anticipate and meet the evolving needs of our customers," said Cazcarra. During the year, JHL harnessed technology to drive efficiency, cost control, and superior customer experiences. Similarly, the continued optimisation of the Customer Relationship Management (CRM) platform improved service delivery and turnaround times, while AI-driven automation streamlined operations, enabling teams to focus on high-value customer engagement and strategic growth. JHL says data analytics-powered informed decision-making and digital innovations, including advanced apps and portals, are simplifying customer interactions. "Jubilee's Wellness App Maisha Fiti recorded over 12,000 downloads, reflecting strong adoption," noted the statement. Similarly, the launch of J-Force has enhanced customer reach and service delivery.

Jubilee posts record Sh6b profit as gross premiums jump 34pc

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Jubilee posts record Sh6b profit as gross premiums jump 34pc

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